UBX, the leading open finance platform in the Philippines, has been named the official technology partner of Asialink Finance Corp., one of the leading non-bank financial institutions in the Philippines that provides secured business loans, and personal financing and refinancing products nationwide, as it expands and improves its suite of financial services for the benefit of millions of Filipinos.
Under the agreement, UBX will support Asialink in digitally transforming its lending processes via UBX SeekCap and its payment collections, enabling it to expand the reach and operational efficiency of its already lucrative lending business.
“UBX and Asialink share the same goal of driving financial inclusion not only for individuals but also for growing businesses. Through this partnership, we will co-create various digital financial solutions that are sustainable and inclusive, promoting economic growth and recovery in the long run,” UBX Business lead for Lending Magellan Fetalino said.
Micro, small, and medium enterprises (MSMEs) make up around 99.51 percent of all businesses in the Philippines.
Traditionally, these businesses have no access to financing to grow due to the stringent requirements imposed by banking institutions.
The partners aim to further democratize access to this financial tool to empower small businesses to accelerate their growth and contribute even more to the economy.
The UBX and Asialink partnership will simplify the processing of business loans through a digital platform, cutting down the costs and lead approval time for loans.
At present, most banks provide a minimum approval time of 30 days, with high-interest rates and burdensome requirements which are designed to discourage lenders from availing loans.
“Asialink’s vision is to be at the forefront of the financing industry, by providing inclusive financial access to MSMEs and their Communities, in the Philippines and Asia, a goal that we share with UBX. By providing accessible, fast, and convenient loans which will be powered with UBX’s technologies, we are several steps closer towards achieving our goals as strong government partners for economic growth, while making a positive impact on the lives of Filipinos both in the country and abroad,” said Eillen B. Mangubat, President and COO of Asialink Finance Corporation
In 2022, UBX doubled down on collaborations with various players in different industries such as the metaverse, insurance, the women’s sector, and even government institutions to advance its goal of including everyone.
“Our strategy is to join hands with like-minded organizations to advance our goal of inclusive finance. As the country’s leading open finance platform, we are always on the lookout to partner with companies–and recently, even government institutions–which aim to shape the future of finance and sustainability,” UBX President and CEO John Januszczak.